Rosidah, Dea Kholifatur (2026) Pengaruh Profitabilitas, Likuiditas, Dan Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Sektor Infrastruktur yang Terdaftar di BEI Periode 2022-2024. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
This study aims to analyze and examine the effect of profitability, liquidity, and capital structure on firm value in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Profitability is proxied by Return on Assets (ROA), liquidity is proxied by the Current Ratio (CR), capital structure is proxied by the Debt to Asset Ratio (DAR), while firm value is proxied by Tobin's Q. This study is motivated by the relatively low firm value of infrastructure sector companies, as reflected in the fact that most Tobin's Q values were below one throughout the observation period. This study employed a quantitative approach using secondary data obtained from the annual financial statements of infrastructure sector companies listed on the Indonesia Stock Exchange. The sample was selected using the purposive sampling technique, resulting in 20 companies with a total of 60 observations during the 2022–2024 period. The data were analyzed using panel data regression with the assistance of EViews software through panel data model selection, classical assumption testing, panel data regression analysis, and hypothesis testing. The results indicate that profitability, as measured by Return on Assets (ROA), has a positive and significant effect on firm value. Liquidity, as measured by the Current Ratio (CR), has a negative and significant effect on firm value, whereas capital structure, as measured by the Debt to Asset Ratio (DAR), has no significant effect on firm value. Simultaneously, profitability, liquidity, and capital structure have a significant effect on firm value; however, the explanatory power of these three variables in explaining variations in firm value remains relatively low. The findings imply that companies need to improve their ability to generate profits and manage current assets more efficiently in order to enhance firm value from investors' perspectives. Furthermore, this study provides empirical support for Signaling Theory, which explains that information regarding profitability and liquidity serves as an important signal for investors in evaluating a company's future prospects, whereas capital structure has not yet become a primary consideration in determining firm value among infrastructure sector companies during the study period.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HG Finance | ||||||||
| Divisions: | Faculty of Economic and Business > Departement of Accounting | ||||||||
| Depositing User: | Dea Kholifatur Rosidah Muhammad Rido Anis | ||||||||
| Date Deposited: | 07 Jul 2026 08:04 | ||||||||
| Last Modified: | 07 Jul 2026 08:04 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/54742 |
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